花旗集团美股招股说明书(2026-03-23版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sellthese securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is notpermitted. March, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH[ ] Inc. Contingent Income Auto-Callable Securities Due March Based on the Performance of the Common Stock of Micron Technology, Inc.Principal at Risk Securities ▪ The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global MarketsHoldings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for quarterly contingent couponpayments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on ourconventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing toaccept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the samematurity because you may not receive one or more, or any, contingent coupon payments; (ii) your actual yield may benegative because your payment at maturity may be significantly less than the stated principal amount of your securities, of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.All paymentson the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If the final share price isgreater than or equal tothe downside threshold price: $1,000+ the contingent coupon payment due at maturity (including any previously unpaidquarterly contingent coupon payments) (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $904.50 per security, which will be less than the issue price. The estimated value of the securities is basedon CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other (2) CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is actingas principal and will receive an underwriting fee of $25.00 for each $1,000.00 security sold in this offering. Certainselected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive fromCGMI a fixed selling concession of $20.00 for each $1,000.00 security they sell. Additionally, it is possible that CGMI and its affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines.See “Use of Proceeds and Hedging” in the accompanying prospectus. In addition, CGMI will pay to one or more electronic platform providers a fee of $0.50 for each security sold in this offeringwhere related selected dealers and/or custodians implement or utilize such providers.Investing in the securities involves risks not associated with an investment in conventional debt securities. See “Summary Risk Factors” beginning on page PS-18.Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approvedor disapproved of the securities or determined that this pricing supplement and the accompanying productsupplement, prospectus supplement and prospectus are truthful or complete. Any representation to the contraryis a criminal offense.You should read this pricing supplement together with the accompanying product supplement, prospectussupplement and prospectus, each of which can be accessed via the hyperlinks below:Product Supplement No. EA-04-12 dated February 25,2026Prospectus Supplement and Prospectus each datedFebruary 25, 2026The securities are not bank deposits and are not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Contingent Income Auto-Callable Securities Due March , 2030 Based on the Performance of the Common Stock of Micron Technology, Inc.Principal at Risk Securities Contingent Income Auto-Callable Securities Due March , 2030 Based on the Performance of the Common Stock of Micron Technology, Inc.Principal at Risk Securities Additional Information General.The terms of the securities are set forth in the accompanying product supplement, prospectus supplement andprospectus, as supplemented by this pricing supplement. The accompanying product supplement, prospectus supplementand prospectus contain important disclosures that are not repeated in this pricing supplement. For example, certain eventsmay occur that could affect whether you re